U.S. government debt prices were slightly higher Thursday morning as investors await figures on the number of Americans filing for unemployment.
At around 2:25 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 0.7397% while the yield on the 30-year Treasury bond was down slightly at 1.3459%.
U.S. unemployment figures for last week are due for publication at 8:30 a.m. ET and are expected to increase by 5 million, building on prior two readings of record-breaking 6.6 million and 3.3 million, as the economic toll of the coronavirus pandemic becomes more apparent.
Market focus also remains attuned to hopes of a peak to the rate of infection, though New York state, America’s epicenter, set another single-day record for deaths on Wednesday.
More than 432,000 cases have been confirmed nationwide as of Thursday morning, resulting in more than 14,800 deaths.
Meanwhile, a bid to push through a further $250 billion of small business aid has stalled in Congress as Democrats insisted that it be coupled with a similar package for hospitals and local governments in order to tackle the crisis.
March PPI (producer price inflation) data is also due alongside the key initial jobless claims figure at 8:30 a.m. ET.
Auctions will be held Thursday for $90 billion of 4-week Treasury bills and $70 billion of 8-week bills.